LAKE WORTH, FL-For the third time in four years Lake Worth Gardens, a 170-unit independent living facility at 3927 Hadjes Dr., has been sold for $19.35 million. The seller was Madison Glen Properties LLC and the buyers were a joint venture partnership between Canadian-based Chartwell Seniors Housing REIT and Australia-based ING Real Estate.

The property was built in 1985 and is located on 7.29 acres. Bruce Gibson, CB Richard Ellis first vice president with the company's senior housing services group, represented the seller and procured the buyer. Gibson has handled all three of the sales over the past four years. "This sale represents a tremendous return for the seller, who purchased the property in 2005," Gibson says. "The senior housing market continues to show high values while remaining competitive."

Gibson tells GlobeSt.com that the property sold for $6.8 million in 2002 and $10.35 million in 2005. He says a number of factors are driving the sales, including the strength of the senior housing market. "Over the past two years, cap rates have come down considerably. Depending on the property, they've decreased 150 basis points to 300 or 350 basis points," Gibson says.

In addition to strong market conditions, the property has been thriving due to its improved management. The previous owner hired Tampa-based Horizon Bay to manage the property. That firm will continue to serve as managers for the new owners. "The net operating income of this property has gone up dramatically over the past four years," Gibson says. "It's risen from $400,000 to $1.5 million."